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Monday, October 22, 2012

Greetings from Kiev!Here is this morning’s Ukrainian stock performance summary, from the
Warsaw Stock Exchange, based on the prior trading day's closing bell.As
a whole, the Warsaw Stock Exchange closed down on the day (-1.77%), similar to red screens in the
European markets (FTSE -0.35%,
STOXX -1.24%,
CAC -0.87%, DAX -0.76%, IBEX -2.31%) and bearish U.S.
markets (DOW -1.52%, S&P -1.66%, NASDAQ -2.19%).Looking
at Ukrainian equities in particular
across the Warsaw Stock Exchange, they slightly outperformed the main
Warsaw equities index, closing flat (-0.04%)
for the day with gains in agriculture and food processing sector names offset by losses in energy and metals/mining sector names.
From a market depth standpoint, the highest trading volumes occurred in
Westa International Scientific Group (2,659,801 shares), Sadovaya Group (854,776 shares), Kernel (74,143
shares), Milkiland (57,810 shares) and Coal Energy (35,244 shares).

ICE
daily CER price got hammered, dropping to
1.19
EURO (-22.07%). The market is long and new offsets keep hitting the market. There are no technical barriers to guide carbon at this point, everything is trading in range and the range keeps dropping as new U.N. offsets add to current oversupply. Without regulatory measures to shore up the market, it's really a case of the emperor having no clothes. We are witnessing a repeat of what transpired during Phase I of the Kyoto Protocol in 2007, for similar reasons.

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About Me

An investment and trading specialist, Jon Queen undertakes capital markets transactions and alternative investments across a broad spectrum of asset classes.
Jon has degrees in Economics from Cornell University and Law from University of Pennsylvania.
Prior to working in the energy and emissions trading space, Mr. Queen was an attorney at Latham & Waktins LLP and a licensed securities representative at John Hancock Financial Services.